Visualise your best year ever in Monaco

Let’s be honest, January usually means a long a list of unrealistic goals and resolutions that fall flat by mid-month. For years I did this, too, going crazy at Christmas, telling myself that in January I would get back on track with healthy eating and exercise. And, because I am ambitious, a perfectionist and an optimist, my New Year’s resolutions were always hugely far removed from achievable reality, which only lead to failure and disappointment. Not such a great start to the Happy New Year!

These days, I begin the year in a much more positive and fun mindset with no diet or strict exercise regime in sight. Everyday I make a promise (a daily resolution) to myself to do the best I can, which is quite straightforward and much easier to accomplish, making my goals more achievable while leaving me feeling more positive about myself. With this method, I can celebrate the small changes rather than beat myself up for big failures – a simple but empowering shift.

With the pressure of unachievable goals gone, the doorway to a more optimistic start to the year opens, which leads me to today’s blog: Vision Boards, a space that serves as a visual exercise to remind you every day what you want out of life.

The New York Times did a piece a few years back – “Olympians Use Imagery as Mental Training” – about elite athletes using visual exercises to improve their performance, and The Secret, the best selling self-help book, claimed, “When you are visualising, you are emitting a powerful frequency out into the Universe.”

So, over the last four years, visualising has been a lovely practice that I have enjoyed and even involved my children in. To create your own 2017 Vision Board, follow these simple steps, set aside some time and explore your own creative flow.

Time: Give yourself a good hour to put it together but, more importantly, plenty of time beforehand to get clear on your intentions.

Before you start

Spend some time visualising what is most important to you in your life.

Grab a pen a paper and answer these questions: “What “unrealistic dream” do I want to achieve this year?

What phase, quote or motto resonates with me to inspire and encourage me this year?

Challenge yourself to think outside your comfort zone about your most unrealistic dream, as these are the most powerful ones.

When you are collecting your material to create your vision board cut out pictures (try Googling images for inspiration), phases or photo’s that you like and represent your vision.

Focus on times in your life when you felt your best; what memories are connected to these feelings, smells, people, places, tastes?

Putting together your board

When you have collected all the items you want to include, create a space to bring your vision to life on the board. Burn a candle and listen to music, if you want.

Place the materials roughly where you want and then move them around until you feel comfortable and content with the layout. The rearranging can take a little time but enjoy the experience, tap into your creative flow. Pin it when you are happy with the position.

Put your board somewhere you will see it on a daily basis, and use it as a base for visualisation and meditation practices. If this is a new concept to you, my advice is to experiment with having fun and be open-minded to the possibilities this powerful tool can bring.

Share your visions for 2017 on Instagram by tagging monaco_life. For more inspiration and healthy habits, head to naomis.kitchen

[caption id="attachment_9812" align="alignnone" width="709"] Thierry Orsini, Director General of the Ministry of Finance and Economy to the left of Minister of Finance and Economy, Jean Castellini[/caption]
At a meeting with the press on Friday, December 16, Finance Minister Jean Castellini, reiterated Monaco’s commitment to implement the automatic exchange of financial account information in time to commence exchanges in 2018. This followed the signing on December 14 of the CRS Multilateral Competent Authority Agreement and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, which are both based on Article 6 of the Mutual Administrative Assistance in Tax Matters Convention.
Mr Castellini gave an overview of the year and how financial institutions will start to gather the information to be transmitted during the automatic exchange, knowing that this data must be transferred at the latest September 30, 2018.
“This date may seem far away, but it will start in two weeks so its essential that we have a number of tools and/or ratified texts to be able to show to the EU and to the OECD that we are ready and that we have kept all our promises,” the Minister of Finance said.
What happened last week?
The Minister of State, accompanied by the Minister of Finance and Economy, presented on December 14 to Mr Angel Gurría, Secretary General of the OECD at La Muette, headquarters of the OECD in Paris, the instrument of ratification of the Convention on Mutual Administrative Assistance in Tax Matters, signed by HSH Prince Albert II of Monaco.
This common reporting standard provides that the tax administration collect from financial institutions information concerning the accounts of their non-resident customers in the Principality and automatically forward them to the tax authorities of their country of residence, while preserving the rights of the taxpayers by guaranteeing the confidential treatment of the data exchanged.
On the evening of December 15, two laws were voted by Monaco’s National Assembly, which serve to complement the major texts that were voted on November 29. These texts concerned the convention on the assistance administrative mutuelle, or, the multilateral agreement of the OECD signed by Monaco October 13, 2014.
Mr Castellini acknowledged the involvement of the National Assembly and the equanimity with which they studied this text within a very short time frame. “An excellent example of collaboration between the elected representatives of the Monegasques and the government,” he stated.
When did it all begin?
In 2005, within the EU, there was no agreement between the 25 or 26 countries about the taxation of non-residents and the declaration of revenue in, often foreign-held, accounts. A measure, which was supposed to be transitory, was to be applied to the EU-member states as well as to a number of non-EU countries, including the Principality of Monaco, to ensure a homogeneity within Europe between EU-member states and other European countries, such as Monaco, Switzerland, Andorra and Lichtenstein.
“In the meantime, the world changed,” said Mr Castellini. “There was the economic crisis, different G20 summits, and even within the EU, the countries which had not accepted the free exchange of information finally agreed. The question for Monaco was why should countries outside the EU agree to apply rules and methods when among the member states of the EU there was no agreement?”
However, once the member states agreed, it became legitimate to undertake negotiations for two reasons. It is easier for Monaco and other countries outside the EU to negotiate with the EU as a whole rather than with individual countries, and secondly, the standard envisaged for the passage of the directive of 2005 towards the automatic exchange of information was 99% the same as that of the OECD.
“So there again, we said to ourselves, it would be better, and technically easier to apply the same rules, rather than trying to apply two different standards.”
How does the automatic exchange of information work?
Minister Castellini explained that in order to predict how the automatic exchanges will function, everyone concerned must agree on the principles and in effect, this is what the multilateral agreement does”.
This text has been in existence for quite a while and has provided the framework to bring together all the states to the OECD forum to enable the change in the common reporting standard by which states exchange fiscal information from an ‘on demand’ exchange of information, to an automatic exchange. During the Global Forum on Transparency and Exchange of Information for Tax Purposes, in Berlin in October 2014, members committed to this change and defined how it could be implemented.
“This is the culmination of all the work done since 2009 and the signature of a number of bilateral agreements since autumn 2009, as well as a number of new agreements signed, including an agreement to avoid double taxation – we have today some 30 agreements.
“On the other side is the EU and discussions began in 2013. The European commissioner, Mr Semeta, was received in Monaco in the summer of 2013 and we started to negotiate a protocol to modify a measure that existed since 2005, the directive sur la fiscalité de l’etat.
What’s happened over the past year?
On February 22, 2016, the text was approved by the commissioner and Mr Castellini, and this agreement was then signed in Brussels by the Minister of State.
“For these texts to take effect, at least two laws, followed by other regulatory texts, had to be voted. The two laws which were voted December 15, 2016 evening by the National Council, one serves to protect the confidentiality of the information of the automatic exchange, while the other concerns the prescription and the criminal sanctions applicable.
“On December 23, two other texts will be published concerning an ordonnance souvereigne and an arrêté ministeriel (a ministerial order), which fix the list of jurisdiction partners, those with whom we will be exchanging information automatically.”
Getting removed from lists
Financial institutions can begin to gather information to allow for the exchange of information in 2018. “Another of our objectives for 2017,” explained the Minister, “is to continue to work with certain EU-member states, who continue to place Monaco on a discriminatory list, so that we can be removed from this list.”
He added, “This may take a few weeks or months for the legislative and administrative procedures, but there is no reason why we should not be removed from this list.”
For the OCDE, the existing bilateral agreements and the exchange of information on demand will continue to be applied. This may concern Monaco residents. Once a certain number of elements have been transferred automatically, the country concerned may request additional information about a person or an account, via the bilateral agreement.
“We have never been as transparent and we have never been as attractive,” Mr Castellini stated. “It’s important for our residents to know what the future will bring, and for those who are thinking of settling in Monaco and developing a business here, and this number continues to increase. The question of fiscal cooperation can only provide, in a changing world, a stability and a long-term vision which is greatly appreciated.”
What to expect in 2017 and 2018?
Thierry Orsini, Director General of the Ministry of Finance and Economy, gave details about what will happen from January 1, 2017.
The first step will be for the banks to identify declarable accounts. This will start from January 1, 2017, for new accounts. There will be a new procedure to identify clients based on “self-certification”.
A new client will fill in a document containing all the elements necessary for the bank to determine if the account holder and the account is reportable.
Then there are other timelines for existing accounts of individuals, and according to the amounts held in the accounts, for banks to update all their clients’ files for some before January 1, 2018, for others until 30 Dec 2018. The standards allow a certain tolerance for these identification checks and updates to take place.
The next step is that a platform will be created on Monaco to which the financial establishments must register, in order to report all the accounts concerned. In Monaco, all the institutions will make a declaration country by country. If there is no information to be declared for a particular country, a déclaration néante (a nil declaration), will be made. “Technically and for IT reasons, it is better to make a nil declaration,” said Mr Orsini, “so that the system is set up correctly, than not to make a declaration at all and then have to make a modification later if the situation changes.”
Once the reportable accounts and account holders have been identified, the banks will communicate the information onto the platform in Monaco. They will have until June 30, 2018, as one of the pieces of information to be communicated will be the balance of the account on December 31. Monaco will then have until September 30 to send all the declarations to the OECD Platform, which will then automatically transmit the information to the countries concerned.
This will be the same scheme every year. The balance of the account of the previous year must be on the platform by June 30 of the current year, and communicated to the common platform by September 30.
Will there be a penalty?
Sanctions can be applied to financial institutions that fail to comply with the reporting standards.
The client is responsible to communicate all changes of circumstance (a non-resident to resident status) to the bank. There are penal sanctions for any client making a false certification or incomplete information, or failing to communicate a change of circumstance. It will be necessary as from next year, for financial institutions to inform clients of their responsibilities, as the consequences could be heavy.
The information transmitted by the OECD depends on the type of account, it concerns certain transactions on the account, it’s not only the balance. Also, if the account has been closed, this information is transmitted.
There is no minimum amount for accounts to be reported.
Minster Castellini said approximately 50 percent of accounts are held by non-residents, but the majority of the account management concerns more recent accounts of residents.
The financial institutions in Monaco have undertaken an enormous task over the past few years to encourage their clients to certify themselves resident, or asked their clients to sign a document stating that the amounts deposited in their accounts were fiscally transparent.
If a client had not wished to respect these obligations, the accounts were closed.
Corporate taxation
Regarding company taxation, Mr Castellini asserted: “There are still practices that concern companies that are quite legal but which the OECD and the EU cannot continue to encourage in this period of crisis.
The question of the taxation of a company where it is carrying out its business and making its benefits is now a central question being addressed by the OCDE and the EU. Monaco does not play the game of trying to attract companies by proposing a tax framework that could be considered detrimental by other countries, and we fully support, since 2009, the work of the OCDE on the taxation of non-residents, and on Base Erosion and Profit Shifting, a tax avoidance strategy used by some multinational companies, where profits are shifted from where they are made to countries where taxation is lower.”
Article first published December 20, 2016.READ ALSO:National Council approves MFOs

[caption id="attachment_19751" align="alignnone" width="640"] HSH Princess Charlene[/caption]
Lifesaving South Africa President Dylan Tommy confirmed the appointment of HSH Princess Charlene as Patron of Lifesaving South Africa (LSA), at an event held on Wednesday, July 26 at the Beverly Hills Hotel, in Umhlanga, Durban.
“It is a great honour for me to be named Patron of Lifesaving South Africa, an organisation that shares the same vision as my Foundation and one that I have always been inspired by,” Princess Charlene told Monaco Life. “Lifesaving South Africa’s commitment to drowning prevention is remarkable and the spirit of volunteering that you are instilling in our young people is infectious."
Having dedicated 20 years of her life to become an Olympic swimmer, representing South Africa in the Sydney Olympics in 2000, the Princes added, “During those years, I learned the importance of discipline, team spirit, dedication and respect for the water, oneself and others; values that I know LSA lifeguards appreciate and demonstrate every day.”
[caption id="attachment_19749" align="alignnone" width="640"] Dylan Tommy (right), President of Lifesaving South Africa, presenting official patronage to Gareth Wittstock (left) on behalf of HSH Princess Charlene, with Gavin Varejes, President of the Princess Charlene of Monaco Foundation South Africa.[/caption]
The official patronage was presented yesterday in Durban by Dylan Tommy, President of Lifesaving South Africa, to Gareth Wittstock on behalf of HSH Princess Charlene, and also included Mr Gavin Varejes, President of the Princess Charlene of Monaco Foundation South Africa.
The Princess Charlene of Monaco Foundation was established in 2012 and has since reached over 300,000 people worldwide, with operations being established here in South Africa in 2013.
The work of the Foundation is internationally acknowledged and celebrated for raising public awareness about the dangers of water, teaching children essential water safety skills and how to swim.
A fine example of this was the first Riviera Water Bike Challenge, hosted by the Princess in June 2017, which highlighted the Monaco community coming together through sport to raise awareness and money for the Princess Charlene of Monaco Foundation.
The partnership between the Princess Charlene of Monaco Foundation South Africa and Lifesaving South Africa will strengthen the promotion of water safety and support “learn to swim” projects in South Africa.
[caption id="attachment_19748" align="alignnone" width="640"] Photo: Howard Cleland[/caption]
200 rescue boards donated to Foundation
LSA’s Watersmart program is a classroom based educational water safety program developed to complement the current Grade 4 Life Skills curriculum. The program, presented by Lifesaving SA Watersmart facilitators will, during the course of 2017, be delivered free of charge to over 80 schools nationwide.
Gavin Varejes, President of The Princess Charlene of Monaco Foundation SA, also announced the distribution of 200 rescue boards, valued in excess of 2 million rand (€132,000) from the Princess Charlene of Monaco Foundation SA to Lifesaving SA, with thanks to Cell C and Richmark Holdings. This will see every LSA affiliated lifesaving club in South Africa receiving rescue boards to continue their critical service to the community.
Mr Varejes, known for his generosity and support of the SA Surfing Legends and President of SA Rugby Legends as well as his involvement with the South Africa-Monaco Rugby Exchange, said, “The new partnership will hopefully continue to encourage different sporting codes to work together and form the bonds, strengths and partnerships that make such a wonderful difference in our country”.
Doug Mattheus, Head of Marketing at Cell C, commented, “Cell C endorses this initiative in growing an awareness around water safety in South Africa and deems it a great privilege to be associated with the Princess Charlene of Monaco Foundation SA”,
[caption id="attachment_19747" align="alignnone" width="640"] Dominique Donner and Lizette Botha, PCMFSA Project Managers. Photo: PCF[/caption]
Sending a message to corporate South Africa: get involved with saving lives
Lifesaving South Africa President Dylan Tommy and SASCOC President Gideon Sam both expressed gratitude to Princess Charlene and Mr Varejes for their contribution to raising the profile of Lifesaving in South Africa, on a social level and as well as a sport.
Mr Tommy noted, “We are extremely grateful to HSH Princess Charlene for agreeing to serve as the Patron for Lifesaving South Africa. With the Princess as our Patron and the partnership we have established with The Princess Charlene of Monaco Foundation SA, we will be able to achieve far greater success in our fight against drowning in South Africa.”
In 2017, Continental Tyre SA committed to a three-year investment and sponsorship of Lifesaving SA, and its Product Communications Manager Ryan Visagie applauded the contributions of Varejes and corporate heavyweights Richmark and Cell C.
“It sends a great message to corporate South Africa to get involved with saving lives. You can’t put a price on saving a life and it’s fantastic to see the investment in Lifesaving as a result of the partnership with the Princess Charlene of Monaco Foundation SA,” said Ryan Visagie, Continental Tyre SA.
SASCOC president Gideon Sam described Princess Charlene as “an inspiration to the global community and a particularly special South African”, adding, “It was noted that the Princess gives so much to the country she grew up in, but also so importantly to the serious issue of water safety and water education.”
Article first published July 27, 2017.